Egypt receives $3.5 billion to develop waterfront project
Egypt has received $3.5 billion from Qatar as part of an investment agreement to develop a residential and tourism project on its northwestern Mediterranean coast.
The payment represents the cash portion of the deal, Mohmed El-Homosany, the spokesperson for the Egyptian cabinet, said in a statement.
The second phase involves an “in-kind consideration” consisting of the project’s residential units, that are expected to fetch about $1.8 billion on sale, he said.
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